Webster Bank Finances New England Office Supply, Inc. For $5.6 Million
BOSTON, Nov. 16, 2010 /PRNewswire-FirstCall/ -- Webster Bank announced today that it has provided $5.6 million in financing for New England Office Supply, Inc., of Braintree, Mass. Webster has also been named New England Office Supply's primary bank.
"We are very happy with the level of service we received from Webster," said Indira Patel, president and CEO of New England Office Supply. "The bank took the time to understand our business and demonstrated faith in our business model and potential for future growth. We view Webster as an important business partner that will help us attain our financial goals."
The financing package includes a $5 million revolving line of credit and $600,000 in equipment financing. New England Office Supply is also using Webster's cash management and depository services.
"New England Office Supply is one of the largest woman-owned companies in Massachusetts, and under Indira Patel's leadership it has become a national company," said Debra Drapalla, senior vice president, commercial banking. "We're very pleased that Webster was selected as the financial institution that will help them continue to grow."About New England Office Supply, Inc. Founded in 1993 through the successful merger of three companies, New England Office Supply is one of the region's leading distributors of office products and furniture. With 35 locations in 24 states, NEOS provides total business products solutions through nation-wide delivery and B2B electronic commerce in conjunction with an in-house support center. For more information, visit the New England Office Supply website, www.neosusa.com . About Webster Bank: Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.8 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 497 ATMs, mobile banking, the Customer Care Center, and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, and the equipment finance firm Webster Capital Finance, and provides health savings account, trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit Webster's website at www.websterbank.com . Webster Media Contact: Brenda F. Greene (401) 644-6707, firstname.lastname@example.org Webster Investor Contact: Terry Mangan: (203) 578-2318, email@example.com SOURCE Webster Financial Corporation
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